CALGARY, Alberta, March  27, 2024  (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning the new Pomelo 1 gas discovery.

Pomelo 1 encounters 96 feet of net gas pay

The Pomelo 1 exploration well, located on the 100 percent operated VIM-21 Exploration and Production ("E&P") contract, was spud on February 19, 2024 and reached a total depth of 12,276 feet measured depth on March 3, 2024. The well encountered 96 feet true vertical depth of net gas pay with average porosity of 21 percent within the primary Cienaga de Oro ("CDO") sandstone reservoir.

The CDO reservoir was perforated over a 48-foot Interval and was tied into the existing flowline to the Betania substation. The well is producing with a downhole gauge into the Jobo gas treatment facility. The well started at a production rate of 4 million standard cubic feet per day ("MMscpd") for 6 hours at a choke 21/128". The rate was subsequently increased to 6 MMscfd and 8 MMscfpd for 6 hours and 24 hours respectively. The well was tested at a rate of up to 10 MMscfpd at choke of 30/128", and is now producing into the Jobo gas treatment plant at a controlled rate of 8 MMscpd.

The Corporation is currently mobilizing the rig to drill the Chontaduro 1 exploration well located approximately 3 kilometers to the north of Pomelo discovery. The Chontaduro 1 well is targeting the CDO sandstone reservoir, with a secondary uphole target within the Porquero sandstone reservoir, both of which are productive in the area. Chontaduro 1 will spud prior to the first week of April 2024, and will take approximately 3 weeks to drill and complete.